Yesterday Bitcoin rose 20% and reached price to 13800 dollars. Some time later, the coin fell immediately by 14 percent and is now trading at the $ 11,500. As noted in the transmission of Fast Money on CNBC, “here’s something called volatile trade”.
Despite the uncertain situation with the bears, one trader made an interesting assumption, according to which the current mileage has just begun. Of course, it sounds very optimistic, but let’s look at the case in more detail.
According to Ayan Dasgupta, in the last few months Bitcoin is showing rapid growth (of 1.62 x) with large amplitude intervals (1.2 x). If you look at the chart below, in principle it’s pretty obvious. Every next rally was bigger, and the gaps between the peaks increased.
Updated my $btcusd fractal analysis. If we can hold $11.6 k-$12k then the fractal shown in the chart may well play out. Breakout in each cycle is approximately 1.62 x (Golden Ratio) higher than that of the previous: 22.22%, 31.55%, 49.53%. The next breakout is expected to be ~ 80%. pic.twitter.com/juN6SiyTpP
— Ayan Dasgupta (@ayandgbtcmax) June 27, 2019
In any case, the analysis Dasgupta indicates the possible growth of Bitcoin to the level of 29890 dollars by August 21. If this happens, the traditional indicators like Mayer Multiple (200-day moving average) will fly to unprecedented ranges.
The Creator of the aforementioned MM Trace Meyer argued that the prolonged uptrend may not be sustainable, if you look at historical data. In a recent tweet when BTC was at a level of 10600 dollars, old captainvalor and business angel projects Kraken Armory and noted that in September the sustainable level for Bitcoin will be 15 thousand dollars. By December, the coin is heavier to 21 thousands and could potentially grow to 30.5 thousand dollars by may-June. These heights can also be attributed to the planned alvingham remuneration.
Loved’re overextended bull markets until correction. 2.09 x @TIPMayerMultple, $5,085 $BTC rising 200DMA ~$35/day. Historically higher only 14.79%. Thus, very low probability of $40k in a few months.
But with #Bitcoin; anything can happen! ? ? @TuurDemeester @PrestonPysh @ToneVays pic.twitter.com/UgX4rkRG0H
— Trace Mayer (@TraceMayer) June 24, 2019
Because now Bitcoin is historically above its 200-day moving average just by 14.79 per cent, due to the overbought, the bulls may soon lose his grip. It is very likely that this will lead to short-term, but very strong in the channel.
In our cryptodata of hontarov there are still a lot of other useful information.
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